Mashat: Egypt Committed to Sustainable, Private-Led Economic Growth
H-Tayea
At the opening of the World Economic Forum (WEF) Annual Meetings in China, Egypt's Minister of Planning, Economic Development, and International Cooperation, Dr. Rania A. Al-Mashat, held a high-level meeting with WEF President and CEO Børge Brende to discuss global economic shifts, regional instability, and Egypt's ongoing reform efforts. The meeting was attended by Egypt's Minister of Investment and Foreign Trade, Eng. Hassan El-Khatib.
Participating as a co-chair of this year's WEF meetings, Dr. Al-Mashat emphasized Egypt's commitment to economic transformation driven by the private sector and reinforced by international partnerships.
She underscored the evolving collaboration between Egypt and the WEF, which she described as 'central to supporting structural reforms, enhancing economic resilience, and confronting global challenges.' With the Forum serving as the world's largest gathering of private sector leaders and investors, Egypt is positioning itself to fully leverage this platform to support national development priorities.
Al-Mashat pointed to the flexibility and strength of the Egyptian economy in navigating successive global and regional shocks. She highlighted the government's three-year reform program, which focuses on macroeconomic stability, attracting foreign direct investment, boosting industrial development, and strengthening human capital.
A key highlight was Egypt's preparation of a national economic narrative that integrates multiple strategic frameworks—including Egypt Vision 2030, the government's current program (2024/25–2026/27), the National Structural Reforms Programme, and the Integrated National Financing Strategy. The aim: to build a competitive, investment-friendly economy with inclusive, sustainable growth.
Dr. Al-Mashat also presented Brende with a report titled 'Development Finance to Foster Private Sector-Led Growth and Jobs', which documents over $15.6 billion in development finance mobilized since 2020 to empower the private sector. She reaffirmed Egypt's determination to expand access to financing tools that enable the private sector to drive development.
For his part, WEF President Brende praised Egypt's ongoing economic reforms and strategic direction, applauding the strength of the bilateral relationship and the government's dedication to macroeconomic stability.
The meeting follows Brende's 2024 visit to Cairo, during which he met with President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly, reinforcing the strategic nature of the Egypt-WEF partnership. Dr. Al-Mashat currently serves as co-chair of the WEF's MICEE (Mobilizing Investment for Clean Energy in Emerging Economies) and holds memberships in multiple WEF initiatives focused on economic resilience and inclusive growth.
The discussions concluded with both sides reaffirming the importance of collaboration to address today's most pressing economic and geopolitical challenges and to shape a more resilient, inclusive, and sustainable global economy.
read more
Gold prices rise, 21 Karat at EGP 3685
NATO's Role in Israeli-Palestinian Conflict
US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria
Shoukry Meets Director-General of FAO
Lavrov: confrontation bet. nuclear powers must be avoided
News
Iran Summons French Ambassador over Foreign Minister Remarks
News
Aboul Gheit Condemns Israeli Escalation in West Bank
News
Greek PM: Athens Plays Key Role in Improving Energy Security in Region
News
One Person Injured in Explosion at Ukrainian Embassy in Madrid
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
News
Flights suspended at Port Sudan Airport after Drone Attacks
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Technology
50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Middle East
44 minutes ago
- Middle East
OPEN// Egypt, Austria hold political talks, sign MoU to boost relations
CAIRO, June 28 (MENA) – Foreign Affairs, Emigration and Expatriates Minister Badr Abdelatty held political consultations on Saturday with Austria's Foreign Minister Beate Meinl-Reisinger, with delegations from both countries in attendance. The talks focused on strengthening bilateral relations and addressing regional and international developments, said foreign ministry spokesperson Tamim Khallaf, pointing out that Abdelatty emphasized Egypt's desire to strengthen all aspects of bilateral ties and build on outcomes from recent high-level visits, including the Austrian chancellor's trip to Cairo in March 2024. He stressed the importance of expanding cooperation across various sectors—particularly economic, trade, and investment—by activating the joint committee and encouraging Austrian investments in Egypt. The ministers also discussed boosting collaboration in labor-related domains, as well as in scientific, cultural, and tourism exchange, renewable energy, and counterterrorism efforts. The consultations also addressed a range of regional and international issues of mutual concern, the spokesman said, noting that the two ministers reviewed developments related to the ceasefire between Israel and Iran. Abdelatty underscored the need to maintain the ceasefire and de-escalate tensions, directing attention to Egypt's efforts to contain the situation and promote political and diplomatic solutions. He also highlighted the deteriorating humanitarian situation in Gaza and the West Bank, briefing his Austrian counterpart on Egypt's initiatives to restore a ceasefire in Gaza and facilitate the delivery of humanitarian aid. The top Egyptian diplomat reiterated the need to create a political horizon for the implementation of the two-state solution, establishing a Palestinian state along the June 4, 1967 borders with East Jerusalem as its capital, describing this as the only viable path to lasting peace, security, and stability in the region. Abdelatty warned of the worsening conditions in the West Bank amid continued Israeli military operations and settler violence against civilians, stressing the urgent need to halt such actions. The two ministers also exchanged views on developments in Syria, Lebanon, Libya, Sudan, and the Horn of Africa. Abdelatty reaffirmed Egypt's position on respecting sovereignty, unity, and territorial integrity of states, and the importance of supporting national institutions and pursuing political and diplomatic resolutions to regional crises. At the end of the talks, the ministers signed a memorandum of understanding to launch a political consultation mechanism between Egypt and Austria, aiming to elevate bilateral relations and expand cooperation. (MENA) R E E/
Daily News Egypt
an hour ago
- Daily News Egypt
Egypt inaugurates first Bosch home appliance factory in Africa with €55m investment
Egypt's Prime Minister Mostafa Madbouly inaugurated the first African factory of BSH, the German-owned home appliance giant behind the Bosch brand, marking a milestone in Egypt's industrial development and regional positioning. Located in 10th of Ramadan City, the factory represents the company's first manufacturing base on the continent, with a total investment exceeding €55m. The facility is expected to generate around 1,000 direct and indirect job opportunities, with 50% of its production designated for export to markets across Africa and the Middle East. Accompanied by key ministers and senior officials, Madbouly affirmed that Egypt's economic reforms and investor-friendly incentives have successfully attracted major global industrial players. The Bosch plant, he said, will serve as a strategic launchpad for regional expansion, leveraging Egypt's geographic advantage, skilled labour, and growing domestic market. Top executives from BSH Global attended the inauguration and praised Egypt's strategic positioning and the strong support extended by local authorities. Built over an 80,000-square-metre plot, the factory will manufacture more than 350,000 gas ovens annually using 100% Egyptian labour and German engineering expertise. The facility adopts a new BSH production model focused on integrating the local workforce rather than relying heavily on automation—an approach designed to capitalise on Egypt's labour cost advantage while upholding Bosch's global quality standards. This project aligns with Egypt's broader industrial strategy and vision to become a regional hub for manufacturing and export. BSH also confirmed its intention to expand the facility in future phases, further increasing production capacity and employment opportunities. Prime Minister Madbouly toured the production lines and met with workers, reiterating the government's commitment to supporting industrial investment, strengthening local supply chains, increasing exports, and facilitating technology transfer. In his remarks, Luis Alvarez, Chairperson of BSH Egypt and Morocco, explained that the decision to establish BSH's first African factory in Egypt reflects a long-term strategic vision. He highlighted Egypt's potential as a gateway to continental and regional markets and noted that the country is now home to BSH's 40th production facility worldwide. BSH operates 39 factories across Europe, North America, and Asia and maintains a presence in more than 60 countries. The new Egyptian plant is now a critical link in this global network and will serve as a springboard into emerging markets across the Global South. Designed with strict sustainability standards, the factory combines advanced infrastructure with local talent. BSH plans to export 50% of its output to the Middle East, Africa, Australia, Canada, and Latin America. Ahmed Riad, Executive Board Member and CFO of BSH Home Appliances Egypt, noted that the factory's 90 cm cookers were developed specifically to match Egyptian consumer preferences. The current local component ratio stands at 50%, with plans to exceed 70% within two years. He also revealed that BSH is exploring the possibility of expanding its product line beyond ovens and cookers, further strengthening Egypt's position as a regional manufacturing hub. Following the Bosch factory inauguration, Prime Minister Madbouly also opened Jumia's largest logistics warehouse in Egypt—a major development for the country's e-commerce and digital logistics infrastructure. Spanning over 27,000 square metres and equipped with state-of-the-art technologies, the new facility is designed to accelerate delivery times, enhance storage efficiency, and support Jumia's growing operations, particularly in Upper Egypt. It is expected to create approximately 10,000 direct and indirect jobs. The warehouse supports Egypt's goal to become a regional digital hub, aligning with Vision 2030 and national efforts to expand digital services, boost youth employment, and support tech-driven development. Minister of Communications and Information Technology Amr Talaat highlighted that the software powering Jumia's platform was developed locally by Egyptian engineers. Jumia Egypt CEO Abdellatif Olama emphasised the strategic importance of Egypt within Jumia's regional operations. The country hosts one of the company's largest tech hubs in Africa and plays a pivotal role in exporting digital solutions across the continent. He reiterated Jumia's commitment to enhancing Egypt's role in Africa's digital transformation and to supporting local manufacturing and logistics ecosystems.
Daily News Egypt
an hour ago
- Daily News Egypt
Egypt mourns 19 girls killed in road crash amid growing outcry over highway safety
Egyptian President Abdel Fattah Al-Sisi has directed the government to provide immediate compensation of EGP 100,000 (approximately $2,100) for each of the 19 victims killed in a devastating road crash in Monufeya, and EGP 25,000 for each of the injured. The victims—mostly teenage girls and young women—were day labourers commuting to work in the Nile Delta. The president also instructed authorities to intensify road maintenance efforts across the country, particularly on the regional ring road, where the accident occurred. He called for the removal of roadway hazards, clearer signage in repair zones, and stricter enforcement of speed limits. The crash, which occurred early Friday, involved a speeding heavy truck that collided with a microbus carrying female workers from the village of Kafr El-Sanabsa. All 18 girls onboard and the microbus driver were killed, while three others sustained injuries. The victims, described in state media as 'martyrs of livelihood,' were en route to their jobs when the tragedy struck. The force of the collision destroyed both vehicles. Emergency responders quickly arrived at the scene, transferring bodies and survivors to hospitals in Quesna, El-Bagour, Ashmoun, and Shebin El-Kom. The incident has plunged Kafr El-Sanabsa into mourning. Mass funerals were held for the young women, some of whom were from the same family. Many had left school to support their households and were their families' main providers. Images of grieving relatives and rows of coffins spread across social media, prompting widespread sorrow and renewed anger over Egypt's persistent road safety challenges. Security sources confirmed that the truck driver was arrested. The public prosecution has launched a broad investigation, ordering forensic examinations and technical assessments of the vehicles and the road segment. Preliminary findings cited excessive speeding and poor road conditions—specifically the absence of lighting, barriers, and emergency services—as contributing factors. Despite the scale of the tragedy, the Ministry of Transport has yet to release an official statement. On the same day, Transport Minister Kamel Al-Wazir was in Istanbul attending the Global Transport Connectivity Forum, where he spoke of Egypt's 'unprecedented infrastructure renaissance' and highlighted over EGP 2trn in investments across roads, bridges, railways, ports, and electric transport systems. The ministry's silence drew criticism from the public and media observers, who cited a growing disconnect between government narratives of modernisation and on-the-ground realities. Residents of Kafr El-Sanabsa voiced frustration over the deteriorating state of the Regional Ring Road—a flagship project inaugurated in 2018 with a reported cost of EGP 9bn (around $190m). Originally designed to ease congestion on older highways and link Greater Cairo to Upper and Lower Egypt, the ring road has since fallen into disrepair in areas such as Monufeya. According to taxi drivers and former Roads and Bridges Authority engineers, large sections suffer from pavement cracks, ground subsidence, and neglected maintenance. The road, they say, has become a 'corridor of death.' According to Egypt's official statistics agency (CAPMAS), 5,260 people were killed in road accidents in 2024, with over 76,000 injuries—a 7.5% increase from the previous year. Daqahleya Governorate recorded the highest number of road injuries nationwide. As national grief grows, the Ashmoun crash has reignited debate over road safety, infrastructure oversight, and the lived cost of economic hardship for Egypt's working poor—particularly young women who bear the burden of supporting their families on dangerous commutes.
